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Dawn of a New System
Jagdish Bhagwati
An eminent trade economist worries about the multilateral trading system as regional agreements multiply
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Adding Value
Bernard HoekmanCompanies have split the production of goods and services among many countries, creating supply chains that reduce overall costs
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Under Pressure
Paul CollierGood management of a resource discovery needs informed citizens and informed governments
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Voting and Volatility
Christian Ebeke and Dilan Ölçer
In low-income countries, heavy government spending before elections is often followed by debilitating austerity
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An Achilles’ Heel
Ravi Balakrishnan, Chad Steinberg, and Murtaza SyedInequality threatens Asia’s growth miracle
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Smart Trade
Thierry VerdierThe cross-border flow of intellectual property comes under 21st century economic scrutiny
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New Money
Åke Lönnberg
Introducing a new currency is a complex process—one that Turkmenistan completed successfully
GLOBAL TRADE’S
UNCERTAIN COURSE
Dawn of a New System
Jagdish Bhagwati
An eminent trade economist worries about the multilateral trading system as regional agreements multiply
Global Banking Regroups
Stijn Claessens and Juan A. Marchetti
The global financial crisis has prompted increased scrutiny of the risks and benefits of international financial services, especially international banking
Smart Trade
Thierry Verdier
The cross-border flow of intellectual property comes under 21st century economic scrutiny
Adding Value
Bernard Hoekman
Companies have split the production of goods and services among many countries, creating supply chains that reduce overall costs
F&D online preview
Chained Value
Michele Ruta and Mika Saito
The growth of multicountry manufacturing is changing how the world’s income and growth are generated
INEQUALITY
Who Let the Gini Out?
Davide Furceri and Prakash Loungani
Capital account liberalization and fiscal consolidation confer benefits but also lead to increased inequality
An Achilles’ Heel
Ravi Balakrishnan, Chad Steinberg, and Murtaza Syed
Inequality threatens Asia’s growth miracle
A Fair Assessment
John Norregaard
Property taxes are an effective but often highly unpopular way to reduce inequality
Also in This Issue
New Money
Åke Lönnberg
Introducing a new currency is a complex process—one that Turkmenistan completed successfully
Transparency Matters
Luis Brandão-Marques, Gaston Gelos, and Natalia Melgar
The more forthcoming countries are, the more they can resist the ups and downs of global financial conditions
Voting and Volatility
Christian Ebeke and Dilan Ölçer
In low-income countries, heavy government spending before elections is often followed by debilitating austerity
DEPARTMENTS
From the Editor
In Brief
Too many poor children
Joining the club
A grain of salt
Powerful demand
Riding along
Events in 2014
People in Economics
Picture This
Global House Prices Inching Up
Hites Ahir and Prakash Loungani
The housing market is recovering, but real estate in many countries is still overvalued
Back to Basics
What Is a Price?
Irena Asmundson
Maybe more than one bargained for. The answer varies depending on the transaction
Book Reviews
The Great Escape: Health, Wealth, and the Origins of Inequality, Angus Deaton
Junkyard Planet: Travels in the Billion-Dollar Trash Trade, Adam Minter
Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge,
and Change, Edmund Phelps
Index 2013 Volume 50
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Trading Around the World
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International Trade and Supply Chains
Read the article: Adding Value, by Bernard Hoekman
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